Man Group has announced that the initial public offering of 97.4 million shares of MF Global Ltd has been priced at $30 per share raising total gross proceeds of $2.9 billion.

MF Global is the brokerage business of Man Group and was formerly known as Man Financial. MF Global's common shares are expected to begin trading today on the New York Stock Exchange under the ticker symbol "MF".

The 97.4 million shares represent approximately 80 per cent of the outstanding share capital of MF Global. Man Group has granted the underwriters an option to purchase up to 9.7 million additional common shares of MF Global in the offering.

As previously stated, subject to shareholder approval, the net proceeds of the IPO will be distributed to shareholders in the fourth quarter of the calendar year.

Simultaneously with the IPO of MF Global becoming effective, Kevin Davis, CEO of MF Global, has stepped down from the board of Man Group with effect from today.

Peter Clarke, group chief executive of Man Group, said: "The successful IPO of MF Global completes our strategy to focus on the group's leading position in alternative investment management. We believe that this focus, combined with our strengths across investment management, product structuring and distribution will deliver attractive and innovative products for our investors and continued strong returns for our shareholders." – TradeArabia News Service